Leighton Update

RNS Number : 8744J

Global Petroleum Ltd

08 April 2010

 



8 April 2010

RNS AIM release

DRILLING COMMENCES ON SIXTH LEIGHTON PRODUCTION WELL

Texon Petroleum Ltd (ASX: TXN) has advised that the sixth Leighton well, Tyler Ranch #5, commenced drilling on 7 April 2010. The well has a planned total depth of 2,743 metres (9,000 feet) and will take about 12-15 days to drill. The well will penetrate the Olmos reservoir at approximately 2,676 metres (8,780 feet), which is the same oil and gas reservoir as is producing in the first five Leighton wells (Peeler #1, Tyler Ranch #1, Tyler Ranch #2, Tyler Ranch #3 and  Tyler Ranch #4). Tyler Ranch #5 is located 335 metres north of Tyler Ranch #2.

If the wire line electric logs indicate producible oil and gas in the Olmos reservoir, the well will be completed as the sixth oil and gas producer from this zone.

Global has a 15% working interest (11.25% net revenue interest) in the Leighton Project with joint venture parties Texon Petroleum Limited (70%) and Excellong, Inc (15%).

Glossary:

bbl:            barrel

mcf:           thousand cubic feet

mmboe:     million barrels of oil equivalent (including gas converted to oil equivalent barrels on basis of 6mcf to 1 barrel of oil equivalent)

mmbtu:      million British thermal units

Enquiries:

Global Petroleum Limited
Shane Cranswick	Tel	+ 61 8 9322 6322
	Email	[e-mail]
Astaire Securities Plc (Nominated Adviser and Broker)
William Vandyk	Tel	[phone]

 

END

 

 

DRLQVLBBBZFFBBQ